The main issue is a consistent lack of effective management and oversight.

Buying an out of state rental property from a realtor, wholesaler or off facebook or zillow etc as opposed to from an operation or turnkey provider who has an active, substancial, and effective boots on the ground team or teams to support you after you close on the sale. 

There's some mis-information and mis-understanding of AP, the process and it's effect in this thread.

For instance, one investor I worked with used it to jump from a duplex to a 4-unit building in Phoenix, effectively doubling their rental income as well as the forecasted appreciation rate on their new property.

There's other dialers out there that's more custom tailored to organizing calls, lead follow-up plus much more cost effective and honest with a live customer service line.

Quote from @Scott Tennell: For real estate investors who have worked with private money lenders, what strategies have you found most effective in structuring deals to ensure both parties are protected and the funding process runs smoothly? 

@Chris Kay finding a quality, cost-effective contractor is extremely difficult:(There are thousands of contractors that are great talkers, but rarely perform within budget.Standard bait & switch is to lowball a bid, then once they get started all sorts of things "pop up" that somehow their bid didn't cover.

Which would be more effective for pitching my Airbnb arbitrage business?

If you want a quick reality check on anything 'big ticket" event you are looking to attend or invest in real estate, try this simple exercise.  

If interest rates come down, then we should see more demand for homes, which will increase prices, and have a modest dampening effect on rent growth.